The framework for the collection of BSI statistics is laid down in the ECB Regulation concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33). This Regulation is complemented by Guideline ECB/2014/15. More information on legal framework is available here.

BSI statistics are based on either the aggregated or the consolidated balance sheet of the monetary financial institutions (MFI) sector. The aggregated balance sheet is the sum of the balance sheets of all MFIs resident in the euro area. The consolidated balance sheet is obtained by netting the aggregated balance sheet positions between MFIs in the euro area. The consolidated balance sheet provides the basis for the regular analysis of euro area monetary aggregates and counterparts.

All MFIs (see ECB website for a precise definition and a list of MFIs) in the euro area are legally obliged to report data from their business and accounting systems to the national central banks of the Member States where they reside. These in turn report national aggregates to the ECB.Data collection is based on a census rather than a sample. Nonetheless, national central banks can, at their discretion, offer MFIs exemptions from full reporting on a national basis, provided that the MFIs supplying a full statistical return make up at least 95% of the total national MFI balance sheet (modified census).Some monetary assets/liabilities of central government (post office,treasury) are also included in this dataset.

Reference area coverage

Euro area, although a more limited dataset is available for non-euro area Member States.

Sector coverage

Counterparty sectorisation is available for many of the MFIs" balance sheet positions, and follows ESA 2010 sectorisation rules.

METHODOLOGICAL INFORMATION

Source data type

The primary data collected from reporting agents are stock data from their business and accounting systems. Stock data refer to the last day of the period (month or quarter), either the last working day or the last calendar day, depending on national practice. Reporting agents and/or national central banks also provide the necessary data to compute the adjustments to the stock data that are needed for the derivation of transactions, namely reclassifications, and revaluation adjustments.

Time period

Monthly or quarterly.

Time period - collection

End of period.

Frequency of data collection

Monthly or quarterly.

STATISTICAL PROCESSING

Data compilation

Aggregation and consolidation

Data are aggregated across individual MFIs in each Member State by national central banks to derive national contributions to the euro area aggregated balance sheet of the MFI sector.The ECB aggregates national contributions to obtain the aggregated balance sheet of the euro area MFI sector. The ECB then nets out the inter-MFI positions from the aggregated balance sheet to obtain the consolidated balance sheet of the euro area. Finally, the computation of monetary aggregates requires the further addition of certain monetary liabilities of the central government sector (post office, treasury).

Compilation of transactions

Transactions for the current period are calculated by deducting the effect of factors that do not relate to transactions, namely reclassifications, revaluations and exchange rate adjustments, from the difference in stocks over the period. For further details on methodology and compilation methods see the Manual on MFI balance sheet statistics.

Compilation of growth rates

All growth rate computations refer to an index of notional stocks, rather than to the stock data directly. This allows developments in the series to be presented without the effects that non-transactions would have on the growth rates of stocks (see also “Compilation of transactions”). The index of notional stocks is computed as a chain index I(t)=I(t-1)x[1+F(t)/S(t-1)], where F(t) are transactions during the period and S(t-1) are stocks at the end of the previous period. For more information see the Statistical Bulletin Technical notes or Manual on MFI balance sheet statistics.

Adjustment

The main items of the MFI consolidated balance sheet are available both in seasonally adjusted and non-seasonally adjusted form. This includes the main breakdowns of euro area monetary aggregates and counterparts. More details can be found in the background section.

Data validation

Validation is based on the verification of balance sheet constraints, and on checks on the plausibility of developments at various levels of aggregation.

Data revision - policy

The revisions policy and procedures set by the ECB and the relevant NCB must be followed.

QUALITY

Quality management

Quality is ensured by means of a comprehensive legal framework including a sanctions regime for infringements. The framework is laid out in Regulation ECB/2013/33 concerning the balance sheet of the monetary financial institutions sector and in Guideline ECB/2014/15 on monetary and financial statistics (recast).

DISSEMINATION

Release policy - release calendar

Publication on the 19th working day after the end of the reference month for the euro area and corresponding countries, and on the 23rd working day for EU countries outside the euro area.

Release policy - release calendar access

See the release calendar for monetary developments in the euro area on the ECB’s website.